If Treasury and RBNZ are correct that the low point of this economic cycle will occur this year, then people will feel like things are improving by election time next year. The public has a very short memory so I have zero confidence that they will vote them out for making the downturn worse.
National will campaign hard on how it’s getting better and the public will eat it up because they’re the party of FiScAl ReSpOnSiBiLiTy